U.S. newspaper The Hill reported that the US Department of Defense (Pentagon) estimates Iran has lost around $4.8 billion due to a naval blockade imposed by the United States for more than two weeks.

Citing an unnamed Pentagon official, the report said the blockade has significantly impacted Iran’s oil revenues.

Meanwhile, the US Central Command (CENTCOM) announced on Thursday that 42 vessels had been turned back as part of the enforcement of the blockade on Iranian ports.

Global markets have experienced volatility amid the ongoing conflict involving the United States and Israel against Iran since February 28, driving oil prices higher and increasing inflationary pressures.

In response, Tehran announced on March 2 restrictions on navigation through the Strait of Hormuz, a critical waterway through which about 20% of global oil exports passed before the conflict.